Hong Kong stocks top 24,000 first time since 2022, up 20% this year

This photo shows an aerial view of apartment blocks in East Kowloon in Hong Kong on February 24, 2025. (Photo by Peter PARKS / AFP)

Hong Kong, China — Hong Kong’s main stock index rallied above 24,000 points for the first time in three years on Thursday, putting it up 20 percent in 2025 thanks to a surge in Chinese technology giants.

The Hang Seng Index jumped 1.2 percent to as much as 24,076.53, its highest level since February 2022.

Investors have been flocking into the market in recent weeks to snap up long-neglected tech names after Chinese startup DeepSeek unveiled a chatbot that upended the AI scramble.

Confidence in the sector has also been helped by Beijing’s moves to bring tech firms in from the cold after years of government crackdowns on the industry.

Market heavyweight Alibaba was among the big winners, adding two percent, putting it up almost 70 percent this year.

Tencent gained even more and rival JD.com added 0.7 percent.

The excitement over China’s tech sector has helped Hong Kong weather worries over Donald Trump’s latest tariff salvos against US partners as he embarks on another trade war.